A lot of students and families breathe a sigh of relief after getting their first-year financial aid package. But don’t assume the process ends there. Financial aid isn’t a one-time deal. In fact, what happens after your first year can have just as much impact on your ability to afford college. If you’re heading into your second year of college or beyond, now is the time to understand what changes (and what doesn’t) when it comes to your aid.
You Have to Reapply Every Year
Yes, the FAFSA (Free Application for Federal Student Aid) needs to be completed annually. Even if your financial situation hasn’t changed, you still need to submit a new application each year to remain eligible for federal grants, loans, and work-study. If your school requires the CSS Profile or has its own aid renewal process, those forms may need to be updated as well.
It’s easy to overlook this step when you’re busy with classes and campus life, but missing the deadline can cost you thousands of dollars in aid. Set a reminder to complete your FAFSA as soon as it opens (typically in the fall) and make sure both you and a parent update your information if you’re a dependent student.
Aid Amounts Can Change
Just because you received a certain amount your first year doesn’t guarantee you’ll get the same amount every year. Financial aid is based on a mix of factors, including your family’s income, number of siblings in college, enrollment status, and available funding at your college.
If your family’s income has increased significantly or a sibling graduated, you may qualify for less need-based aid. On the flip side, if your family’s financial situation has become more challenging, you may become eligible for more aid. That’s why it’s important to update your FAFSA accurately and reach out to your school’s financial aid office if anything major changes.
Your Academic Progress Matters
For some scholarships and financial aid, your academic progress matters. It usually requires maintaining a minimum GPA and completing enough credit hours each semester. If you drop classes, fail courses, or take too long to finish your degree, you could lose eligibility. Should you ever find yourself struggling academically, don’t wait until it affects your aid. Use your school’s tutoring services, talk to an advisor, and stay in communication with the financial aid office.
Scholarships May Require Renewal
Some scholarships are one-time awards, but others are renewable. Always check the fine print and set calendar reminders to submit any renewal forms or essays that are required. Also, keep looking for new scholarships every year. Just because you’re no longer a first-year student doesn’t mean the opportunities stop. Many local organizations, companies, and departments within your college offer scholarships specifically for continuing students.
Financial aid doesn’t stop after your first year, and neither should your planning! Keep an eye on the deadlines for financial applications as you continue through school. It will help keep college more affordable for you! If you or your family need any help, don’t hesitate to reach out. I’m here to support you in this process.
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.